NASDAQ · Technology

Skyworks Solutions, Inc.

SWKS · Semiconductors

$82.19

▲ 0.98 (1.21%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

A⤢

Years to Pay Off Debt 2.5 yrs

Working Capital vs Long-Term Debt $1.3B

Working Capital $1.8B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.36x

Cash Flow

C⤢

Free Cash Flow $1.1B

CapEx % of Net Income 47.1%

Owner Earnings $1.2B

Financial Health

Years to Pay Off Debt 2.5 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $1.3B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $1.8B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $1.1B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 47.1%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.2B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Skyworks Solutions, Inc.

Skyworks Solutions, Inc., together with its subsidiaries, develops, manufactures, and markets analog and mixed-signal semiconductor products and solutions in the United States, Taiwan, China, South Korea, Europe, the Middle East, Africa, and the Asia Pacific. The company offers amplifiers, antenna tuners, attenuators, automotive tuners and digital radios, wireless ASoC, DC/DC converters, demodulators, detectors, digital power isolators, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrids, light emitting diode drivers, low noise amplifiers, mixers, modulators, and optocouplers/optoisolators. It also provides phase locked loops, phase shifters, power dividers/combiners, power over ethernet, power isolators, ProSLIC family of subscriber line interface circuits, receivers, system in package, switches, synthesizers, timing devices, voltage-controlled oscillators/synthesizers, and voltage regulators. The company sells its products through direct sales force, electronic component distributors, and independent sales representatives. Its products are used in aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables applications. The company was founded in 1962 and is headquartered in Irvine, California.

Market Data

Market Cap $19.3B

Enterprise Value $12.2B

P/E (TTM) 72.10

Dividend Yield 2.62%

Exchange NASDAQ

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Technology

Industry Semiconductors

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Skyworks Solutions, Inc. at $82.19.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

At $82.19, the stock trades at a 228% premium to its Graham Number of $25.06. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 21.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	N/A•	41.2%▼	41.2%▼	44.2%▼	47.5%
Operating Margin %	N/A•	12.8%▼	18.8%▼	24.2%▼	28.4%
Net Income %	N/A•	11.7%▼	14.3%▼	20.6%▼	23.2%
Diluted EPS	1.14▼	3.08▼	3.69▼	6.13•	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$7.9B	$8.3B	$8.4B	$8.9B
Total Debt	$1.2B▲	$1.2B▼	$1.5B▼	$2.4B
Working Capital	$1.8B▼	$2.7B▲	$2.2B▲	$2.0B
Years to Pay Debt	2.52	2.01	1.54	1.89

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$1.1B▼	$1.6B▲	$1.6B▲	$915M
Owner Earnings	$1.2B	$1.2B	$1.8B	$2.5B
CapEx % of Net Income	47.1%	30.7%	24.0%	40.0%

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items		-2,279	-9,522	-2,518	-4,187
Tax Rate For Calcs		0	0	0	0
Normalized EBITDA		1,041,000	1,268,400	1,785,200	2,245,300
Total Unusual Items		-24,200	-150,000	-28,300	-30,700
Total Unusual Items Excluding Goodwill		-24,200	-150,000	-28,300	-30,700
Net Income From Continuing Operation Net Minority Interest		477,100	596,000	982,800	1,275,200
Reconciled Depreciation		463,000	451,300	613,700	690,100
Reconciled Cost Of Revenue		1,942,700	2,006,800	2,084,600	2,290,000
EBITDA		1,016,800	1,118,400	1,756,900	2,214,600
EBIT		553,800	667,100	1,143,200	1,524,500
Net Interest Income		-27,100	-30,700	-64,400	-47,900
Interest Expense		27,100	30,700	64,400	47,900
Normalized Income		499,021	736,478	1,008,582	1,301,713
Net Income From Continuing And Discontinued Operation		477,100	596,000	982,800	1,275,200
Total Expenses		3,562,700	3,390,600	3,619,100	3,927,800
Total Operating Income As Reported		500,000	637,400	1,125,000	1,527,000
Diluted Average Shares	151,000	155,100	161,500	160,300
Basic Average Shares	150,000	154,400	160,100	159,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders		477,100	596,000	982,800	1,275,200
Net Income Common Stockholders		477,100	596,000	982,800	1,275,200
Net Income		477,100	596,000	982,800	1,275,200
Net Income Including Noncontrolling Interests		477,100	596,000	982,800	1,275,200
Net Income Continuous Operations		477,100	596,000	982,800	1,275,200
Tax Provision		49,600	40,400	96,000	201,400
Pretax Income		526,700	636,400	1,078,800	1,476,600
Other Income Expense		29,600	-120,300	-10,100	-33,200
Other Non Operating Income Expenses		53,800	29,700	18,200	-2,500
Special Income Charges		-24,200	-150,000	-28,300	-30,700
Restructuring And Mergern Acquisition				28,300	30,700
Net Non Operating Interest Income Expense		-27,100	-30,700	-64,400	-47,900
Interest Expense Non Operating		27,100	30,700	64,400	47,900
Operating Income		524,200	787,400	1,153,300	1,557,700
Operating Expense		1,157,900	933,400	954,000	1,046,600
Depreciation Amortization Depletion Income Statement		900	900	33,200	98,900
Depreciation And Amortization In Income Statement		900	900	33,200	98,900
Amortization		900	900	33,200	98,900
Amortization Of Intangibles Income Statement		900	900	33,200	98,900
Research And Development		785,500	631,700	606,800	617,900
Selling General And Administration		371,500	300,800	314,000	329,800
Gross Profit		1,682,100	1,720,800	2,107,300	2,604,300
Cost Of Revenue		2,404,800	2,457,200	2,665,100	2,881,200
Total Revenue		4,086,900	4,178,000	4,772,400	5,485,500
Operating Revenue		4,086,900	4,178,000	4,772,400	5,485,500

Balance Sheet

	2025	2024	2023	2022
Ordinary Shares Number	148,700	159,900	159,500	160,200
Share Issued	148,700	159,900	159,500	160,200
Net Debt			573,500	1,623,100
Total Debt	1,203,100	1,200,400	1,509,300	2,414,500
Tangible Book Value	2,771,400	3,259,500	2,683,900	1,847,600
Invested Capital	6,752,900	7,331,000	7,375,000	7,658,100
Working Capital	1,753,800	2,738,300	2,223,800	2,003,000
Net Tangible Assets	2,771,400	3,259,500	2,683,900	1,847,600
Capital Lease Obligations	207,300	206,100	217,000	225,400
Common Stock Equity	5,757,100	6,336,700	6,082,700	5,469,000
Total Capitalization	6,253,500	7,331,000	7,075,600	7,158,900
Total Equity Gross Minority Interest	5,757,100	6,336,700	6,082,700	5,469,000
Stockholders Equity	5,757,100	6,336,700	6,082,700	5,469,000
Gains Losses Not Affecting Retained Earnings	-5,100	-5,600	-5,600	-4,800
Other Equity Adjustments	-5,100	-5,600	-5,600	-4,800
Retained Earnings	5,656,900	6,032,900	5,876,000	5,421,900
Additional Paid In Capital	68,100	269,400	172,400	11,900
Capital Stock	37,200	40,000	39,900	40,000
Common Stock	37,200	40,000	39,900	40,000
Total Liabilities Net Minority Interest	2,159,900	1,946,600	2,344,000	3,404,800
Total Non Current Liabilities Net Minority Interest	836,700	1,343,900	1,388,300	2,177,900
Other Non Current Liabilities	84,100	35,800	43,900	67,600
Tradeand Other Payables Non Current	85,700	127,900	162,800	213,500
Long Term Debt And Capital Lease Obligation	666,900	1,180,200	1,181,600	1,896,800
Long Term Capital Lease Obligation	170,500	185,900	188,700	206,900
Long Term Debt	496,400	994,300	992,900	1,689,900
Current Liabilities	1,323,200	602,700	955,700	1,226,900
Other Current Liabilities	96,200	38,100	44,800	45,000
Current Debt And Capital Lease Obligation	536,200	20,200	327,700	517,700
Current Capital Lease Obligation	36,800	20,200	28,300	18,500
Current Debt	499,400		299,400	499,200
Other Current Borrowings	499,400		299,400	499,200
Pensionand Other Post Retirement Benefit Plans Current	180,700	127,900	94,300	114,300
Payables And Accrued Expenses	510,100	416,500	488,900	549,900
Current Accrued Expenses	202,800	192,200	270,900	226,900
Payables	307,300	224,300	218,000	323,000
Total Tax Payable	71,300	52,500	58,800	48,800
Accounts Payable	236,000	171,800	159,200	274,200
Total Assets	7,917,000	8,283,300	8,426,700	8,873,800
Total Non Current Assets	4,840,000	4,942,300	5,247,200	5,643,900
Other Non Current Assets	77,500	78,300	56,500	141,500
Non Current Deferred Assets	375,600	303,500	192,300	52,700
Non Current Deferred Taxes Assets	375,600	303,500	192,300	52,700
Investments And Advances	14,200	11,400	4,100	500
Investmentin Financial Assets	14,200	11,400	4,100	500
Available For Sale Securities	14,200	11,400	4,100	500
Goodwill And Other Intangible Assets	2,985,700	3,077,200	3,398,800	3,621,400
Other Intangible Assets	809,000	900,500	1,222,100	1,444,700
Goodwill	2,176,700	2,176,700	2,176,700	2,176,700
Net PPE	1,387,000	1,471,900	1,595,500	1,827,800
Accumulated Depreciation	-3,112,000	-2,929,800	-2,781,600	-2,506,300
Gross PPE	4,499,000	4,401,700	4,377,100	4,334,100
Construction In Progress	86,700	88,700	107,600	157,200
Other Properties	192,400	191,600	205,400	223,000
Machinery Furniture Equipment	3,559,000	3,499,300	3,464,100	3,386,400
Buildings And Improvements	649,000	610,200	588,200	555,600
Land And Improvements	11,900	11,900	11,800	11,900
Current Assets	3,077,000	3,341,000	3,179,500	3,229,900
Other Current Assets	149,000	249,900	155,100	95,200
Prepaid Assets	201,000	234,800	306,000	242,300
Inventory	754,700	784,800	1,119,700	1,212,100
Finished Goods	169,300	234,000	315,700	325,500
Work In Process	540,600	520,500	746,800	805,300
Raw Materials	44,800	30,300	57,200	81,300
Receivables	598,100	508,800	864,300	1,094,000
Accounts Receivable	598,100	508,800	864,300	1,094,000
Allowance For Doubtful Accounts Receivable	-900	-900	-800	-800
Gross Accounts Receivable	599,000	509,700	865,100	1,094,800
Cash Cash Equivalents And Short Term Investments	1,374,200	1,562,700	734,400	586,300
Other Short Term Investments	212,900	194,100	15,600	20,300
Cash And Cash Equivalents	1,161,300	1,368,600	718,800	566,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	1,075,900	1,641,600	1,620,300	914,900
Repurchase Of Capital Stock	-874,600	-113,600	-211,200	-975,300
Repayment Of Debt	0	-300,000	-900,000	-50,000
Capital Expenditure	-224,900	-183,100	-236,100	-509,700
Interest Paid Supplemental Data	25,400	28,300	62,300	44,400
Income Tax Paid Supplemental Data	147,100	181,200	228,900	230,000
End Cash Position	1,161,300	1,368,600	718,800	566,000
Beginning Cash Position	1,368,600	718,800	566,000	882,900
Changes In Cash	-207,300	649,800	152,800	-316,900
Financing Cash Flow	-1,274,100	-819,000	-1,479,200	-1,362,600
Cash Flow From Continuing Financing Activities	-1,274,100	-819,000	-1,479,200	-1,362,600
Proceeds From Stock Option Exercised	33,100	33,700	37,200	35,800
Cash Dividends Paid	-432,600	-439,100	-405,200	-373,100
Common Stock Dividend Paid	-432,600	-439,100	-405,200	-373,100
Net Common Stock Issuance	-874,600	-113,600	-211,200	-975,300
Common Stock Payments	-874,600	-113,600	-211,200	-975,300
Net Issuance Payments Of Debt	0	-300,000	-900,000	-50,000
Net Long Term Debt Issuance	0	-300,000	-900,000	-50,000
Long Term Debt Payments	0	-300,000	-900,000	-50,000
Investing Cash Flow	-234,000	-355,900	-224,400	-378,900
Cash Flow From Continuing Investing Activities	-234,000	-355,900	-224,400	-378,900
Net Other Investing Changes	6,100	11,600	6,500	7,700
Net Investment Purchase And Sale	-15,200	-184,400	5,200	123,100
Sale Of Investment	618,300	86,500	294,000	220,300
Purchase Of Investment	-633,500	-270,900	-288,800	-97,200
Net Intangibles Purchase And Sale	-29,900	-26,100	-25,800	-20,300
Purchase Of Intangibles	-29,900	-26,100	-25,800	-20,300
Net PPE Purchase And Sale				7,700
Sale Of PPE				7,700
Capital Expenditure Reported	-195,000	-157,000	-210,300	-489,400
Operating Cash Flow	1,300,800	1,824,700	1,856,400	1,424,600
Cash Flow From Continuing Operating Activities	1,300,800	1,824,700	1,856,400	1,424,600
Change In Working Capital	193,200	563,900	161,000	-827,500
Change In Other Working Capital	173,600	-132,300	-72,500	-183,700
Change In Payables And Accrued Expense	67,100	10,400	-87,100	31,300
Change In Payable	67,100	10,400	-87,100	31,300
Change In Account Payable	67,100	10,400	-87,100	31,300
Change In Inventory	41,800	330,400	90,800	-337,300
Change In Receivables	-89,300	355,400	229,800	-337,800
Other Non Cash Items	-9,100	-6,300	500	2,500
Stock Based Compensation	232,400	180,300	185,100	195,200
Asset Impairment Charge	0	147,900	64,500	20,700
Deferred Tax	-55,800	-108,400	-151,200	68,400
Deferred Income Tax	-55,800	-108,400	-151,200	68,400
Depreciation Amortization Depletion	463,000	451,300	613,700	690,100
Depreciation And Amortization	463,000	451,300	613,700	690,100
Amortization Cash Flow	184,300	186,500	225,900	295,700
Amortization Of Intangibles	184,300	186,500	225,900	295,700
Depreciation	278,700	264,800	387,800	394,400
Net Income From Continuing Operations	477,100	596,000	982,800	1,275,200

3/6

Graham Score

Speculative Investor

Fails most of Graham's safety criteria. Treat with caution.

Graham's Fair Value

$25.06

Margin of Safety

Market Cap / Net Assets

3.4x

Net Assets: $5.8B

Warren's Owner Earnings

$1.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/6 — Speculative Investor

✅

Strong Financial Condition

Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.

2.33x

vs Current Ratio > 2.0x

✅

Earnings Stability

Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.

No loss years (4 yrs data)

vs No negative EPS years

✅

Dividend Record

Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.

2.62%

vs Uninterrupted dividends

❌

Earnings Growth

EPS grew from $6.13 to $1.14 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.

-81.4% EPS growth

vs > 33% EPS growth

❌

Moderate P/E Ratio

Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.

72.1x

vs P/E ≤ 15.0x

❌

Moderate Price-to-Book

Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.

3.36x P/B (P/E×P/B: 242.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

These metrics estimate what Skyworks Solutions, Inc. is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.

Net Current Asset Value

$3.90

Trading at 21.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

ROIC — Return on Invested Capital

nan%

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	47.1%	30.7%	24.0%	40.0%
Repurchase of Capital Stock	-$875M	-$114M	-$211M	-$975M
Free Cash Flow	$1.1B ▼	$1.6B ▲	$1.6B ▲	$915M •
Warren's Owner Earnings	$1.2B	$1.2B	$1.8B	$2.5B

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
SWKS	$82.19	$19.3B	72.10	N/A	N/A	N/A
NVDA NVIDIA Corporation	$186.64	$4,506.8B	23.6	74.7%	63.7%	$303.0B
AMD Advanced Micro Devices, Inc.	$449.04	$736.5B	95.9	56.0%	16.8%	$45.4B
INTC Intel Corporation	$56.28	$299.1B	N/A	40.2%	-20.1%	$59.9B
QCOM QUALCOMM Incorporated	$165.41	$177.0B	13.0	53.1%	31.6%	$43.1B
AVGO Broadcom Inc.	$293.69	$1,402.0B	37.5	75.5%	42.9%	$89.1B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.39%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$875M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.2% YoY

Debt is roughly stable

Leadership Team

Philip Gordon Brace

CEO, President & Director

Age 54

Pay: $2,267,283

Philip Matthew Carter

Senior VP, CFO and Principal Financial & Accounting Officer

Age 47

Pay: $1,428,727

Karilee Durham

Senior Vice President of Human Resources

Age 57

Pay: $1,125,868

Rajvindra Gill

Vice President of Investor Relations

Frank Stewart

Senior VP & President of Advanced Cellular

Age 51

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	20.11%	30,256,332
Vanguard Portfolio Management LLC	9.17%	13,797,690
Pzena Investment Management LLC	9.15%	13,773,000
Vanguard Capital Management LLC	8.82%	13,269,800
State Street Corporation	8.32%	12,516,551
Price (T.Rowe) Associates Inc	7.83%	11,787,213
FIL LTD	5.66%	8,518,069
Dimensional Fund Advisors LP	5.49%	8,263,901

Risk Analysis

Beta (Market Risk)

1.49

Moderate volatility — moves slightly more than market

Short Interest

12.4% of float

Moderate short interest

Debt-to-Equity

0.43x

Conservative balance sheet — low financial risk

Current Ratio

3.34x

Strong liquidity — Graham approved

52-Week Price Range

Low: $51.93 Current: $82.19 High: $92.80

Currently at 74% of 52-week range

Skyworks Solutions, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Graham's Fair Value

Market Cap / Net Assets

Warren's Owner Earnings

Graham's 7 Criteria

Graham's 7 Criteria — Explained

Net Current Asset Value

Earnings Power Value

ROIC — Return on Invested Capital

Cash Flow Analysis

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis